Prom Night …or Promnishambles February 6, 2013

“The Irish Bank Resolution Corporation Resolution Bill 2013″ expected to appear before the Oireachtas tonight. As of this evening the board of the former Anglo Irish Bank, now known as IBRC is no more. The wind up of the wind up is being handled by KPMG of Irish Nationwide auditors fame.

Some big questions regarding Anglo’s big borrowers now headed for NAMA and of course Sean Quinn but tonight seems to be very extraordinary indeed. Eoin Ó’Broin says time allocated is for the legislation is just two hours & ten minutes with Committee stage in 15 minutes. We’ve been here before. Even on what little we know and all we know, it feels like Banker’s coup.

If indeed there is vote tonight, TDs better be sure of what exactly they are voting for. The Cabinet is currently being briefed at this point but few events should strike caution into the heart of an Irish politician then the words Emergency Banking Legislation.

update: Might be far more benign then it appears but right there on page three

AND WHEREAS IN THE ACHIEVEMENT OF THE WINDING UP OF IBRC THE COMMON GOOD MAY REQUIRE PERMANENT OR TEMPORARY INTERFERENCE WITH THE RIGHTS, INCLUDING PROPERTY RIGHTS, OF PERSONS;

hmmm, creeping

Share this:

Like this:

Related

12.40am – off to bed during Pearse Doherty’s speech. Another giant mess! Happy days in Frankfurt tomorrow and, as we’ll soon find out, a doubling down of austerity – a mini budget soon? What is Jack going to say on Saturday?

Aside from the barracking Doherty got from the government front bench there was , I thought, a remarkably subdued atmosphere, despite all the drink taken. I did notice Gilmore’s deportment, but the body language of Kenny was notable and, from what I could see Noonan’s hands were visibly shaking while he delivered his speech. One thing is absolutely certain is that this is guaranteed to end badly.

As far as I can see from a cursory glance at the German press including Handelsblatt, Frankfurt hasn’t even noticed. Ireland is a footnote in the current crisis due to it’s determination to play to ‘good pupil’.

It will only cease to be a footnote when some debt slave refuses to pay and play. Merkel is particularly vulnerable to someone upsetting the apple cart during Bundes-election campaign.